Daily News 7 June 2023

Welcome to Vietnam Untold! Today, we are bringing you some of the most exciting news from around Vietnam. 

List Today News

1. Vietnam’s Pharmaceutical Industry: The remarkable growth
2. Insights from the Australian Prime Minister: Bánh Mì and Bia Hơi in Vietnam
3. Vietnam’s Promising Future: Transforming into the Motorcycle Industry Epicenter of Asia
4. Unveiling Vietnam’s Culinary Excellence: Vietnam’s first four Restaurants awarded Michelin stars
5. The Impact of Power Outages in Vietnam: Businesses struggle amidst electricity loss

News #1 Vietnam’s Pharmaceutical Industry: The remarkable growth

According to a market report by ODClick, Vietnam’s pharmaceutical ecosystem is thriving in recent years. It boasts 250 manufacturing plants, 200 import-export facilities, 4,300 distributors, and over 62,000 retail outlets. The sector attracted 7,000 skilled workers from 2018 to 2021.

Currently, the pharmaceutical market in Vietnam is valued at around $6.2 – $6.4 billion per year. However, in 2021, it surpassed expectations, reaching over $6.9 billion. BMI Research projects it to reach $16.1 billion by 2026, with a compound annual growth rate (CAGR) of 11% in the Vietnamese Dong.

KPMG, one of the world’s largest auditing firms, suggests that Vietnam’s pharmaceutical industry could maintain high annual growth rates until 2045 due to macroeconomic conditions and increased disposable income. If sustained, the industry’s value may surpass $63.8 billion by 2045.

Next, new takes us to Hanoi, where Australian Prime Minister Anthony Albanese has embarked on his first official visit to Vietnam. 

News #2 Insights from the Australian Prime Minister: Bánh Mì and Bia Hơi in Vietnam

Australian Prime Minister Anthony Albanese and his delegation arrived at Noi Bai Airport in Hanoi on June 3 for a two-day visit upon the invitation of Prime Minister Pham Minh Chinh. This marks Albanese’s first visit to Vietnam since assuming office, emphasizing the significance Australia places on its relationship with Vietnam.

Prime Minister Albanese and his colleagues quickly visited a popular beer pub in Hanoi, savoring the city’s delights. With a thumbs-up, he praised the delicious Vietnamese Bánh mì, enjoying beer and joining locals in a cheerful “1,2,3 dô” chant.

Vietnamese Bánh mì has garnered praise from the international media for its crispy crust and diverse fillings. This combination made it a favorite among foreign tourists.

And we have a new about Vietnam is making significant strides in becoming the new motorcycle manufacturing hub of Asia, as experts predicted five years ago. 

News #3 Vietnam’s Promising Future: Transforming into the Motorcycle Industry Epicenter of Asia

MotorCycles Data reveals that Vietnam currently holds the fourth position in the global motorcycle market, trailing behind China, India, and Indonesia. With a population of 99.6 million, Vietnam boasts approximately 70 million registered motorcycles. Despite the challenges posed by the Covid-19 pandemic and global economic fluctuations, Vietnam’s motorcycle market has demonstrated resilience, maintaining an impressive annual sales volume of nearly 3 million units. In the first four months of 2023, the country produced a staggering 1,049,800 new motorcycles.

Vietnam is home to five major manufacturers, namely Honda, Yamaha, Suzuki, Piaggio, and SYM, collectively dominating over 90% of the market share. Alongside meeting domestic demand, members of the Vietnam Association of Motorcycle Manufacturers (VAMM) export fully assembled motorcycles to various countries within the region and beyond. This upward trend has caught the attention of investors and motorcycle manufacturers from across Asia, cementing Vietnam as a promising destination during this transformative industry shift.

Besides, we have good news for Vietnamese cuisine 

News #4 Unveiling Vietnam’s Culinary Excellence: Vietnam’s first four Restaurants awarded Michelin stars

Michelin has made a significant announcement with the debut of the Michelin Guide for Hanoi and Ho Chi Minh City. Among the 103 chosen establishments (48 in Hanoi and 55 in Ho Chi Minh City), four restaurants have received a Michelin Star. They are Ăn Saigon in Ho Chi Minh City, and GIA, Hibana by Koki, and Tầm Vị in Hanoi. Additionally, 29 dining establishments were recognized with the Bib Gourmand award, honoring restaurants that serve delectable food at affordable prices.

The Michelin Guide restaurants were independently assessed by Michelin’s renowned anonymous inspectors on global criteria: product quality, culinary techniques, flavor harmony, chef’s personality, and consistency. Michelin Guide launch in Hanoi and Ho Chi Minh City is a significant milestone for Vietnam’s culinary scene.

We conclude today’s news program with the effects of prolonged heatwaves are evident as overloaded electricity supply results in emergency power outages, posing challenges for businesses in Vietnam. 

News #5 The Impact of Power Outages in Vietnam: Businesses struggle amidst electricity loss

As scorching heat waves persist, an overloaded electricity supply has resulted in emergency power outages across multiple regions, causing disruptions for businesses.

Vifoco Import-Export Company, a prominent producer of canned vegetables and frozen products, halted production from 7 am to 2 pm on June 6 due to power loss. Meanwhile, the tourism industry also faces challenges from these power cuts.

Bac Giang, known for its industrial zones,  initiated a 20-day power allocation plan, that prioritizes electricity for production, with continuous supply from 7:45 am to 5 pm for businesses in industrial zones. Power company assesses and provides suitable solutions for businesses outside industrial zones sharing residential lines.

Deputy Minister of the Ministry of Industry and Trade, Do Thang Hai, acknowledged the electricity shortage’s impact on both production and people’s daily lives. The ministry is actively working to address the situation and find sustainable solutions.

Thank you for watching Vietnam Untold. Stay informed, stay connected. We’ll be back tomorrow with more news.